Turkey’s once shining initial public offering market has been dimmed by the lira’s shaky performance and domestic security worries, but the largest share sale in years from Mavi has prompted hops that the country’s equities market is back on track.

Jeans retailer Mavi Giyim brought the Turkish equity market back into fashion in June when it raised US$334mn equivalent by floating on the domestic exchange – the first such trade in 2017 to be sold to foreign investors and the country’s largest IPO in dollar terms since 2013.